CNX Reached Agreement to Acquire Apex Energy’s Appalachian Basin Natural Gas Operations

SEATTLE (Oil Monster): Pittsburgh-based NX Resources Corporation has signed a definitive agreement towards acquiring natural gas operations of Apex Energy in the Appalachian Basin.

The agreement was finalized effective October 1, 2024. The deal is valued at approximately $505 million in cash, subject to closing adjustments. It is expected to close in the first quarter of 2025, pending customary closing conditions. The acquisition will be fully funded through CNX’s secured credit facility.

The acquisition will provide CNX with a rare opportunity to expand its operations with highly complementary assets in the Appalachian Basin. The huge potential of the deep Utica play in the region will drive future development, noted Nick Deiuliis, President and CEO, CNX Resources.

In addition to enhancing its existing Marcellus and Utica holdings in Westmoreland County, Pennsylvania, the acquisition will provide the company with significant infrastructure, thus offering synergies for future development. Furthermore, the deal is expected to deliver significant benefits to its shareholders, employees, and the communities where it operates.

The acquired assets are projected to deliver an average daily production of 180-190 MMcfe/d in 2025. At the same time, the operating costs of the acquired assets are estimated at $0.16/Mcfe.